According to the Missouri Pharmacy Association’s CEO, times are tough for independent pharmacies in our state. Large competitors, falling prescription rates and fewer people filling prescriptions are taking a toll on corner drug stores. However, some of these pharmacies are finding relief and staying open thanks to bankruptcy. How Can Bankruptcy Help Local Pharmacies? In 2016, Family Pharmacy Inc. filled around 1.4 million prescriptions. By 2017, that number had fallen to just 1 million. This caused profits for the company to drop. In 2015, the company saw $686,000 in profits. By 2017 it had lost $7.5 million. Due to this loss, the company filed for Chapter 11 bankruptcy, but the company has no intention of closing. Chapter 11 bankruptcy filings can help provide a structure for businesses to repay their debts through a court-supervised reorganization. The court and a committee of the business’ creditors will work together with business owners…
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